The bank is considering these innovations to popularise deposit products among the new generation. Besides, he said the bank has launched a massive outreach programme to mobilise deposits.
The country’s largest bank, State Bank of India (SBI) is preparing to bring a completely new and unique investment product to attract investors. This new investment product will combine the benefits of RD and SIP. SBI Chairman CS Shetty has given this information. He has said that to attract depositors, the bank is considering bringing innovative products including a combined product of recurring deposit (RD) and SIP. He said that with the progress of the economy, customers are becoming more financially aware and demanding, and they have started looking for innovative investment instruments. Shetty said that today customers are paying attention to the value proposition, as financial literacy is increasing and the concept of asset allocation will gain more importance. He said, “Obviously, no one wants to put everything in a risky asset.
Preparations to make RD more attractive
Banking products will always be a part of it. So, we are trying to bring products that will attract them. We are trying to innovate in some traditional products like recurring deposit, which is actually a traditional SIP. Maybe, we can give a combined product combining both fixed deposit/recurring deposit and SIP which can be accessible digitally, said the SBI chairman. He said the bank is considering these innovations to popularise deposit products among the new generation. Besides, he said the bank has launched a massive outreach programme to mobilise deposits.
Our network is spread across the country
Shetty said, “As I said, for us, deposit mobilisation is a franchisee’s job. We have the largest number of physical branches across the country. We are leveraging our huge physical reach by undertaking outreach programmes where customers are approached. Today, SBI is trying to reach out to every consumer, whether they are existing or new customers.”
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